20 tax breaks for 2012 waiting to be extended

The following tax rules expired at the end of 2011, but many likely will be extended for 2012. Keep you eyes on these items—some are personal, others are for business—so you can take advantage of them if they become available:

1. $250 deduction for educators
2. Tuition and fees deduction
3. State and local sales tax deduction in lieu of deducting state and local income taxes
4. $100,000 tax-free transfer of IRAs to charity by those 70¹/₂
5. Mortgage insurance premiums deduction
6. Alternative minimum tax (AMT) exemption increased for inflation
7. Offset for AMT by nonrefundable personal credits
8. 100% bonus depreciation for business equipment (it’s now 50%)
9. Parity for transit passes with free parking (the tax-free limit is now $125 per month for transit passes and $240 per month for free parking)
10. 15-year recovery period for qualified leasehold, restaurant, and retail improvements
11. Enhanced deduction for donations of qualified easements
12. Enhanced deductions for businesses of certain items
13. Expensing of environmental remediation costs
14. Work opportunity credit (other than for veterans in 2012)
15. Expensing of environmental remediation costs
16. Basis adjustment to stock of S corporations making charitable contributions of property
17. Reduction of S corporation built-in gain period
18. Empowerment zone tax breaks
19. DC first-time homebuyer credit
20. Credit for certain nonbusiness (home) energy improvements